Surely so soon after the recent real estate crash, no one's going to make the mistake of thinking "this time, it's different," right? Guess again.
On China’s Hainan Island, the Boom Is DeafeningBy EDWARD WONG
Published: March 30, 2010
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In the last two months, Hainan, an island the size of Belgium in the South China Sea, has become a potent symbol of China’s economic vitality — or, perhaps, its excesses. Even in a country where new wealth spawns new tales of luxury living every day, Hainan is viewed with a mix of awe, envy and disgust.
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The Hainan gold rush is the buzz across China. One American businessman in Beijing, Christopher Reynolds, said a group of Chinese artists told him to invest in Hainan real estate. Chinese couples on dates in Beijing restaurants chatter about it. In February, the average sales price of property in Sanya and Haikou, Hainan’s two main cities, showed a 50 percent increase over the same month last year, five times the national rate, according to the National Bureau of Statistics.
“People are coming with entire bags full of cash,” said Raymond Hau, general manager of the Sun Valley Golf Resort, which is building the 220 luxury villas. “I’ve seen this myself. A man had a bag and unzipped it. Boom. ‘Here’s the deposit,’ he said. ‘I want two apartments.’”
Mr. Hau shook his head. “It’s crazy. It can only happen in China.”
The golf resort is popular with the privileged. The president of Kazakhstan shot a hole in one here. And on a recent afternoon, when an attendant opened the passenger door of a black sport-utility vehicle that had just pulled up, a pile of large-denomination Chinese bills fluttered to the ground.
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